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tv   World Business Today  CNN  June 6, 2011 4:00am-5:00am EDT

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monday night my one-on-one with mitt romney who is officially now in the race for the white house. he'll talk to me about his campaign, the prescription to save this country's economy and controversial health care plan and his republican rivals in what is now a very crowded field. that's mitt romney for the hour i'm monita rajpal at cnn london. bean, radish and sprouts are being blamed for the e. coli outbreak in europe. they've traced the sprouts to a farm in germany. the out break has killed 22 people so far. former imf chief dominique strauss-kahn is hours away from his next court appearance. he is expected to plead not guilty to charges of attempted
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rape of a new york hotel maid on may 1 th. strauss-kahn is out on $6 million bail but confined to a new york townhouse. opposition social democrats have ousted the socialists in portugal's government. they will now attempt to form a coalition government. one of the tasks is head is meeting eu requirements to receive bailout funds for portugal's embattled economy. the left-leaning candidate is claiming victory in peru's presidential edesk. the latest polls show him with a narrow lead over his rival fujimori. those are the headlines. i'm monita rajpal, "world business today." good morning from cnn london, a warm welcome to "world
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business today." i'm charles hodson and these are the top stories on monday, the 6th of june. taxiing towards trouble. the aviation industry slashes profit forecasts in half. as sky high oil prices take their toll. it's your problem now. portugal social democrats claim election victory and inherit an in-trade piled high with problems. and what clout for cloud? steve jobs takes center stage and we take a look at the age of computing. friday's u.s. jobs figures continue to fuel fears of a stalling economy and, of course, the european debt crisis still in focus thanks to those portuguese elections and vast demonstrations in greece. more on that straight ahead. let's have a look at european stocks and they're starting the day lower -- the week rather. we look like we could be looking at a fourth session of losses
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off by 0.20%. off by 0.33% -- sorry. off slightly for the smi and the xetra dax. the paris cac current is off by 0.33%. portuguese stocks are bouncing very, very slightly. another thing to tell you about is the fact that airlines are doing very badly. here's the psi 20 index from lisbon. it has turned since i last looked. they were mostly hire following the weekend election, now they're down. over the weekend, portugal's social democrats soundly defeated the socialist incumbent party. they're the third country to benefit from a bailout. let's move on to the currency markets in wake of the growing relief concerning
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europe's continued bailout for greece. the big story really on the currency markets is all that strength you're seeing on the euro at 1.4 2. some people are talking in terms if the dollar continues to be weak as a result of this weak economic data we're seeing and reduced prospect of fed tightening. it looks like, a loot of people are saying, we'll be seeing a lo signal later this week from the ecb's interest-setting meeting that it may tighten interest rates in july. that's very much from the markets are looking forward to. let's have a look at asia-pacific markets, marking public holidays today. china shanghai, hong kong and south korea, rather bleak day. nikkei in particular seeing a clear sell-off, off by 1.2%. it's the weakness we saw in the u.s. labor market in the jobs
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data on friday that is continuing to cast a big shadow over the asian markets and they're playing catch up with the selling we saw friday in europe and the united states. now, one company whose stock has taken a disastrous tumble on monday is tepco, the tokyo electric power company. that's the utility at the center of japan's nuclear crisis. off by nearly 28% after the kyoto news agency reported it was heading for a huge financial loss. that is before compensation payments to fukushima evacuees have even been taken into account. tepco's stock is worth 9.5% of its value as of three months ago. look at the nose dive that we saw in midmarch after details emerged about the problem of the fukushima daiichi plant. the government has helped tepco out with a multimillion dollar bailout to cover compensation claims against the company.
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investors don't see too much light at the end of the tunnel. on wall street, fairly light on the economic data this week. the big news this week, expected to come from the tech sector, later on monday, steve jobs will be unveiling apple's next generation of software. including its new online storage service dubbed i-cloud. more details on that announcement and the first in our week-long series on cloud commuting later in the hour. u.s. markets, kind of early to be taking a read but they look set for a mostly lower opening when trading begins later on. here's where the markets stand at the moment, off by just about a fraction for the dow and the s&p 500 and a very small bounce there for the nasdaq composite. now, the airline industry has been brought down to earth with a bump. after a year of record earnings,
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they're now plummeting again. the challenges facie ining oper are dominating talks. last year the industry made $18 billion in profit. this year expected earnings are 4%. that's 78% fall and futurbulenc in the airline world just isn't attributable to tepid growth and high fuel costs. let's go live to andrew stevens there in singapore. what's actually caused them, the bosses to decide it will plummet this year. >> reporter: it never rain, it pours. when the bad news comes, it seems to come in batches for the airline industry. just three months ago, iata was
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talking about profits of 8 billion, three months later they cut that in half. it gives you an idea of how gloomy, how pessimistic the industry is becoming about their own future as far as the numbers are concerned. based on a whole wrath of things. just a quick perspective here. if you look at the last ten years in the airline industry, three of those years have seen profits. the airline industry as a whole has last something like $68 billion in that ten years. and the profits come in at 40 billion. it gives you an idea of how grim things are at the moment. why now? well, if you look at the headlines in the up ins around the world over the past five or six months or so, charles, it's easy to understand what has been driving down the passenger growth and driving up the cost of the airline. here's what the director general of iata had to say about it. >> it's a very difficult situation, the unrest in the
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middle east and increase in fuel prices and japan. japan represents 10% of the total revenues of the industry, $60 billion. that's why we downgraded the profit to a forecast of billion this year. it's 0.7 margin. it's pathetic. >> pathetic is the word he used to describe that margin, less than 1% in the airline industry. charles, it's interesting, though. if you look at what he was saying, japan really, hopefully it's a one-off thing and japan recovery should happen at least with airline travel. there are other things, al prize as you mention still remain a major problem. something else which is going to be creeping into the numbers which hasn't actually shown up yet is what's the impact of the global economic slowdown going to be. we've been reporting how the growth in the u.s. is weakening. europe has maynor problems there. one of the best ways of telling
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what sort of effect it's going to have and how quickly is to look at what's happening in the air cargo market, sense tifr to movements in the global economic growth structure. i spoke to the head of cafe pacific, the biggest air cargo transporter in the world. this is what he had to say. >> i think we're seeing a little bit of an impact, frankly. cargo is sensitive to trends in the world economy and trade. this year, the economy is a little less robust so cargo is weaker. it's hard to say it's structural. normally cyclically, cargo is weaker in the first half and better in the second half. this is looking like a normal cargo year. that is not as good as it was last year. last year was very strong. >> so not yet a huge impact in the cargo trade, charles. that's 30% of the earnings. it's a key component in many of the airlines' earnings now.
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people will be watching that one closely. there's nothing yet to say that iata won't revise those profit numbers down further before the year is out. they revise it every three months. >> andrew, there's obviously a lot of issues out there for the airline industry. there's the security, there's environment, there's things like ash clouds. we've seen those again this year, regulation, there's the whole issue of getting together, clearly the competitive landscape is changing. any guesses to what will be the other big issues for the airlines going forward? >> one of the ones which is always now high on the agenda is environmental issues. and what the airlines are doing. there's a lot of pressure on airlines. they're getting a lot of pressure from the european union who will introduce a mission caps next year. and the airlines will be paying heavily for those. there's a court case there at the moment. the other issue on the environment, charles, which is being talked about here is the biofuel story.
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we've been talking about biofuel for a couple of years. it's gone off the boil a bit. what's happening is that now by the end of this year, airlines, airplanes should be certified to be able to fly with 50% mixture of regular aviation gas and a 50% mixture of biofuels which would actually bring emissions down by some 40% per flight. this is a major breakthrough. obviously what does that mean for the airline industry? is it going green? not yet. and that's because the oil companies are calling to giovanni bisignani. listen to what he had to say about that. >> we need the oil companies to understand that this is important. for our future. i understand that $176 billion of jet fuel this year, but it
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would suggest to get more involved in the biofuel process. >> what's the reaction of big oil companies when you put that to them, what do they say to you? >> i say they're green in advertising but not in results. >> so he's certainly outspoken giovanni bisignani. three years of profits out of ten years for the airline industry. who would want to be an airline executive? >> indeed. andrew stevens, joining us live from the general meeting of iata in singapore. many thanks to you. swinging back here to europe, we may finally know the source of the deadly e. coli outbreak centered on north germany. health officials focus on that region. we'll go to berlin for the latest on this microscopic killer.
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welcome back to "world business today." some of the other top business stories we're following for you this hour, the imf is on the verge of loaning egypt money. the g8 countries will send 10 billion today's egypt and tunisia. and the gulf states will kick in another $10 billion. the former chief of the international monetary fund is set to appear in a court on monday. dominique strauss-kahn is expected to plead not guilty to sexual assault charges on a maid last month. authorities say they found a
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direct link between the outbreak and sprouts grown on a farm in germany. so far, the e. coli outbreak has killed 22 people and infected more than 2,200 people. for more now on this hopeful development coming out of germany, at least we've identified the source, i'm joined by fred pleitgen in new york. one of the things the authorities say they're doing is awaiting lab results from this agricultural company in northern germany and they say they're going to get these lab results sometime in the next couple of hours. now one of the things they said is they might very well find this e. coli bacteria in these lab results but they might also not, simply because you might have seen a batch of these sprouts which might have been bad, contained emplt coley
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bacteria and by this time, all of those at this point might have been sold or in some other sort of way gotten into the supply chain. but one of the things they do say, they've traced this as a possible source back from several restaurants where people who went there afterwards got e. coli and they said that almost every place in germany where people have come down with this e. coli infection, all of those places were in some way, shape or form supplied by this company that makes these sprouts. at this point they say right now it is circumstantial evidence but it's very, very strong circumstantial evidence. yesterday we saw a press conference by the agricultural secretary of the state of lower saxony who said he believes there is a direct link between the e. coli infections and this company in northern germany. they think the evidence is quite strong at this point. charles? >> okay. fred pleitgen joining us from berlin on what appears to be the circumstantial identification of
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a plant between hanover and hamburg, which is thought to be the source of this e. coli kbrout bre outbreak and it's been closed down and products from there have been recalled. the third largest fire ever in the state of arizona continues to rage. meteorologist ivan cabrera is at the world weather center. good morning. >> fresh evacuations across arizona at this hour. 582 square kilometer wildfire, the third largest in arizona history continues to rage out of control. they're at 0% containment. that's terrible here. weather conditions will not be helping. here is the fire. we've got all hands on deck here, 1,300 firefighters working the fire, 2,000 personnel are on scene there working at that fire. over 58,000 hectares have now been burned. the fire's getting dangerously close to community which is is why we've evacuated the region
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there, some of those towns. let's take a look at some of the scenes from eastern arizona as the governor was flying over the state recently there, just to get a good perspective of the scope and the intensity of this fire that's been burning for a week. it's continued to devour the apache national forest out there, again, thousands of hectares have now been completely destroyed. here's the problem with the forecast here as i see it. the winds you want them to be light. not only are they not going to be light, we're talking about winds that could gust at 07 miles an hour. we're stuck in the middle here in arizona. we could have dry lightning, which is certainly not going to help the situation there. there's no rain in the forecast here that i see and the humidity levels are essentially what we call red flag warning which means humidity levels will crash as we get some heating during today between 5% and 15%. one of the worst days today through the week for fighting
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that fire. i think they are not going to get much contained for today. because weather conditions. charles? >> okay. ivan cabrera, joining us from the cnn international weather center. thank you very much indeed. i wawhat do nintendo and thi have in common? they're the latest targets for computer hackers. we'll learn about the group claiming responsibility. and how safe are company servers? we'll get the lowdown on the next big thing in the online world.
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any questions? no. you know... ♪ we're not magicians ♪ we can't read your mind ♪ ♪ read your mind ♪ we need your questions ♪ each and every kind ♪ every kind ♪ will this react with my other medicine? ♪ ♪ hey, what are all these tests even for? ♪ ♪ questions are the answer ♪ yeah ♪ oh
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live from cnn london, this is "world business today." welcome back. this time hackers have targeted nintendo and the u.s. federal bureau of investigation no less. these attacks, these latest attacks follow cyberraids on sony and google just last week. ramy inocencio has the latest developments. >> on sunday nintendo confirmed it was indeed hacked. bit same group that targeted sony last week and pbs the week before. that would be luls security. the breach happened in mid-may but the company only confirmed it yesterday. in that statement just yesterday, the games maker added that the issue was resolved a
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few weeks ago and is beefing up security measures now. it said neither customer nor company information was compromised. it seems nintendo got off lightly. it's not clear whether that's thanks to robust security on nintendo's part or lulzak being nice. nintendo fixed it anyway. heart them. another post said they love the nintendo 64. as for nintendo shares, investors are falling a little bit out of love with nintendo right now with the gamesmaker. the stock closed down about 1.6% today at the close. charles? >> okay. we know what they are up to, we know what it does but we don't know what it is. can you shed any light on it?
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>> the group has a website. this is what they call is the lulz boat. they say all that matters is fun. it's the theme to the 1980s u.s. drama "the love boat." if you want to mute the song, it says you can't. the volume is increased by 100%. some might say these things are cheeky, others say frustrating, especially if you've been hit by them to date. lulzsec says it's breached the websites of pbs, sony, and a cybercrime affiliate of the fbi. that site is now down. they posted their hacking exploits on their website and they're posting sensitive data from those companies as well as your consume r data. they're asking for donations towards their activities and say that i not going to stop. as private citizens what can we do? not much. make sure you don't have one
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password for all your online accounts. the attacks are a wakeup call to all those companies out there to boost security operations before a hack hits them and, of course, impacts them, charles. >> i'm sure you'd agree, ramy would be a to change your password regularly on these online services, right. >> most definitely. >> ramy inocencio, joining us live from hong kong. many thanks. let's stay with that particular industry. there's an burgeoning possibility. cloud computing lets you store and process information using servers far from your hard drive. will that cloud have a silver lining for computer hackers? more on that just ahead. the portuguese care tear prime minister has paid the price for the company's debt problems.
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voters have thrown him out. we'll tell you how this could impact the european debt crisis straight ahead.
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from cnn london, i'm charles hodson. in europe we're 92 minutes into the trading day. we are seeing steepening losses really there, off by about 0.4, nearly 0.a% for the ftse and the dax. off 0.75 for the paris cac
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currant. we're seeing airline stocks tumbling. coming up, we get a european market preview for the week with a senior trader from etx capital. meanwhile, one market that has been up slightly is portugal. it's getting a new prime minister. the social democratic party leader. an angry electorate has ousted jose socrates. socrates may be out but austerity most definitely staying in. in march, coelho unseated jose sack rats in debt-ridden portugal. nina dos santos joins from us lisbon. let's start with what this means
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for portugal. we'll come on to the euro zone. in terms of portugal this is a significant shift to the right, is it not? t. is a significant shift. we should remind our viewers, charles, that the socialist party has been in six years before this. during that time, it saw it's debt to gdp balloon from just over 60% to projections of 107% the next year. that really gives you an idea of the public spending binge that this country has been on during the recessionary times. now, pedro koelho will be the new prime minister elect after last night after his party gleaned 38.7% of the vote and agreed to ally itself with the conservative party here. that means that these two parties will have 129 seats in the 230-seat parliament and that means they'll also manage to have a majority. a majority is crucial, of course, for passing the awe
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sta -- austerity measures. they were the third in europe to go cap in hand to the eu. speaking yesterday in his acceptance victory speech to crowds in lisbon, coelho said it's important to remember that other countries have helped this country economically and financially. take a listen. >> translator: we will do everything we can, everything within our reach to overcome the difficult times we live in and also to give to all those who observe us from the outside the guarantee that portugal will not be a burden in the future and that we will pay all the countries that lent us what we need today. >> one of the things that's important that seems to have come from passos coelho's
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speech, economically and financially and to re-establish this country's confidence. we should also talk, charles, a little bit about how the bond markets have been responding to all of this. it seems as though the yields on ten-year portuguese debt have come down a little bit. a lot of analysts and investors saying for the moment this victory by the social democratic party which is seen as pro business is positive for this country and what it needs at the moment. >> okay. nina, just to resume what you've said, the bond markets clearly like this. coelho has a working majority. it looks like he could push through austerity measures. what does that mean for the broader euro zone? >> these elections are pivotal. as you were sasing earlier on yourself, it's not the only country across the euro zone who's had a sovereign debt
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crisis problem. greece is discussing a second tranche of bailout money here. and what a lot of finance ministers in brussels had been hoping last time they meet a couple weeks ago that is portugal would be the place, the line in the sand across which they could draw the problems to an end. the sovereign debt crisis has been raging for the last year or so and it threatens to undermine the stability of the euro. in his speech, pedro passos coelho said it's really important to implement theis. it's tough but we can do it. see if you can take a look at this. >> translator: i want to tell all portuguese that it will be hard but i know it will be worth it. >> let's talk about the austerity measures here,
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charles, that portugal will have to implement here. it willie will be tough. they'll be planning to cut the deficit back down to the eu ceiling of 3% by the year 2013. it's currently standing at 5.9% at the moment. they're going to have to in accordance with these terms for the $114 billion bailout they'll be receiving from the imf, they'll be having to make privatizations and savings equivalent to 3.5% of the country's total gdp and also raise revenues and taxes by 1.4% of gdp in the next two years, not easy to implement as you can imagine, charles, when you have unemployment peaking at 13% next year and also a precipitous decline here in living standards across the country. >> thank you, nina dos santos reporting on the portuguese elections. pedro passos coelho's supporters
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have blocked the proposed austerity agenda in portugal. thousands of greeks took their fight to the country's parliament this weekend. greece's finance minister has promised a series of steps to the eu and the imf in return for a second bailout in 13 months. many greeks argue that their tax euros are being mismanaged. we go from the streets to the clouds. that's where the next big thing in computing is taking shape. apple is now getting in on the act. that's just ahead. but if you've been diagnosed with p.a.d., or have pain or heaviness in your legs, i want to talk to you. you may have heard of poor leg circulation, which could be peripheral artery disease, or p.a.d. with p.a.d., if you have poor circulation in your legs,
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welcome back to "world business today." all this week here on "world
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business today" we're going to be looking at the next big thing in computing. it's a cloud and it seems to have a silver lining if not several. cloud computing promises to open up all sorts of new possibilities in the online world. after a recent spate of attacks by hackers, questions are being asked by security and reliability. cnn will use its global resources to answer those questions and examine the opportunities for businesses and investors all week here on cnn. we go inside the cloud. one cloud on the horizon on monday is apple's developer conference in san francisco. that's where apple's ceo steve jobs will make a rare appearance later today. he's coming back from medical leave to unveil apple's move into cloud computing, icloud. music will be streamed from a remote server rather than downloading it to their hard drive. they've wrapped up licensing
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agreements with major music labels. this is something you've probably already used. we explain. >> reporter: on live is a gaming service with a difference. you're playing games on your computer but the game isn't actually running on your computer. it's running on a computer back at onlive's data center. you're playing a game by remote, sending commands to a computer far away which streams video of the game back to you. that means you don't need a powerful computer to plate latest games, just a screen and internet connection. onlive is part of a popular movement in the technology industry called cloud computing. >> it's very much like what manufacturers say here in the u.s. do with tasks like producing goods and services. why should you have to store
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everything locally and process everything locally when with faster internet speeds you could rely on the far greater processing power or storage space available at some offline site. >> reporter: it's very likely you've been doing some cloud computing without even knowing it. flickr. google docs, hot mail has been hosting e-mail in the clouds by 199. by keeping this information in wul one place, that means our different devices, phones, laptops and tablets can have access to the same information. you don't need to store any of it on any of those devices. grab what you need when you need it over the internet. but what happens when your internet connection fails? >> well, one of the great vulnerabilities in cloud computing is the fact that all of this for us is built on the assumption that internet speeds will remain fast and that connectivity will remain
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reliable. and as anybody who's has ever walked around in san francisco or new york with an iphone knows you can't always count on mobile data being fast or reliable. >> reporter: another worry about cloud computing is security. you're willingly handing over your information to another company and relying on someone else can cost you. when some of's cloud servers suffered a brief outage, it took out some of the company's four square. they are remarkable, they contain 16 gigabites of space. google is convinced that we, the computing masses are ready to live in the cloud.
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kristie lu stout, cnn, hong kong. we'll tell you about the different types of clouds, we're not talking about cumulus and stratus and cirrus. up next, a harrowing hangover in the united states, a debt krisness europe and tense talks about crude and conflict in the middle east. we'll look at what's going to be driving the markets this week. don't go away. but with 24-hour zyrtec®, i get prescription strength relief from my allergy symptoms. it's the brand allergists recommend most. ♪ lilly and i are back on the road again, where we belong. with zyrtec® i can love the air®. [ male announcer ] get up to $6 in savings on zyrtec® products at on zyrtec® products any questions? no. you know... ♪ we're not magicians ♪ we can't read your mind ♪ ♪ read your mind
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♪ we need your questions ♪ each and every kind ♪ every kind ♪ will this react with my other medicine? ♪ ♪ hey, what are all these tests even for? ♪ ♪ questions are the answer ♪ yeah ♪ oh
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live from london, this is "world business today," welcome back. let's take a look at wall street. the sharp drop in jobs we saw on friday is likely to leave a bad taste when trading getting under way. alison kosik is in new york. after a week of extremely disappointing reports, the economy will share the spotlight with apple's ceo steve jobs. i'm alison kosik at the new york stock exchange. this week the focus is on the health of steve jobs. he's expected to headline the annual developer's conference on monday, coming six months since he took a leave of absence. he introduced the new ipad 2 three months ago.
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they will unveil the icloud, the streaming music service. also expected to be introduced, the latest mobile operating system for ipads and iphones. on the economic calendar we get the beige book report which summarizes economic conditions across the united states as well as readings on consumer credit, the international trade balance, import and export prices and a look at wholesale inventories. on wednesday, the world's largest retailer is set to open walmart express, its first foret into the small store format. it will only contain 10,000 items, a sharp drop from the typical superstar. that's a look ahead in the week in business news. i'm alison kosik at the new york stock exchange. one thing investors will be looking at this week is the price of crude oil. opec says they are planning to push for an increase in the oil
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supply in an effort to bring down the crude prices. the cartel is meeting in vienna on wednesday. joining me is a senior trader from etx capital. we need to start with the big hangover we're seeing in europe and asia after the nonfarm payrolls, the disappointment we saw out of the u.s. jobs market. how long will this deep shadow fall over markets do you suppose? >> i think for the considerable future, unfortunately, the unemployment seems to be ridesing, certainly in the states for the numbers we saw on friday. and it's usually the last economic indicator that recovers in a recovery mode when a country or economy is coming out of recession. i think it will be a major factor going forward. they were slightly disappointing numbers. the market was looking for a catalyst to move to the downside. they certainly got that on friday. although we're not seeing much in the way of downward movement today, it's very much these economic numbers going forward that are going to dominate the markets and determine which way
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the markets move over the next six months, the next year and maybe even next two years or so. >> the real economy has been a very good pointer for what the oil price will do. high oil prices have particularly since the financial crisis, pointed to confidence in the way that the global economy is going to move. now we're seeing a weak economy, certainly as reflected in the u.s. nonfarm payrolls and a strong oil price. are we going to see oil prices weaken? and would that be in response to opec or in response to the perception that maybe the global economy is cooling? >> well, a crude oil certainly seems to be stuck around about the $100 per barrel level at the moment. although the futures are trading around about $15 above that. then as you said, charles, oil is very much an indicator of how global economies are doing. at the moment, they seem to be trading relatively sideways. their is potential for a big move to the downside. the one catalyst that could push
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it to the up side is more quantitative easing from the federal reserve, from the u.s. >> let's start on the subject of central banks. the european central bank is meeting on thursday. the market seems to be that they will signal they'll be tightening not this time but the next time in july. >> they started tightening in a couple months ago, among the view that will come thursday, they'll leave rates at 1.25%. they're stuck between a rock an a hard place at the moment. you have inflation, a lot of it is imported in the form of high commodity prices into the eu. you have countries like greece and ireland and portugal that are suffering, that are doing extremely badly at the moment. if the ecb goes down the route of raising interest rates, these countries will find it more difficult to solve their debt situation. so the ecb may look to tighten later on in the year but i don't think they'll do so just yet. >> we're seeing a volatile year.
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in broad terms what stock markets have done so far this year, is move sideways. do you think -- and done so in a volatile fashion. we've had big swings. is that, do you think, going to be the patent for the next few weeks and months? >> well, you usually find in the summer period hthat the markets get choppy. the argument the financial world goes off on holidays and volatility tends to increase as volumes dry up. but i feel the next few months or so that there seems to be too many head winds affecting the market. the potential end of quantitative easing, corporate profits potentially hitting a top in the cycle. i feel that the volatility could be to the downside and that volatility could potentially increase as well. we could see these big moves to the downside and the subsequent jump or the dead cap bounce after that big sharp move to the downside. so the bias is negative but it
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could be volatile on the way down. >> all right. okay. thank you very much indeed. joining us live from etx capital in london. let's take a last look at the european stock markets. as mentioned we seem to be looking at a fourth session of negative markets with the exception of the xetra dax which just in the last few minutes has been slightly up by about 0.7%. the zurich smi just in the negative column. seeing losses of 0.35% for the paris cac. if you have anything to say about the big business stories of the day, get in touch with the whole team on our facebook page at let us know your thoughts. that's it for this edition of "world business today." i'm charles hodson in london. "world one" is next.
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